https://www.taxtmi.com/caselaws?id=428426 The Appellate Tribunal allowed the appeal, directing the deletion of the disallowed deduction under section 54 of the Income Tax Act amounting to Rs.37,41,054. The Tribunal held that the deduction claimed in a previous assessment year should have been denied if conditions were not met then, and merely filing the return belatedly in a subsequent year did not justify adding the deduction to the income for the current year. The Tribunal emphasized the importance of complying with legal requirements and ensuring consistency in deduction treatment across different assessment years. en-us Wed, 28 Sep 2022 00:00:00 +0530 Fri, 30 Sep 2022 09:37:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428426 The Appellate Tribunal allowed the appeal, directing the deletion of the disallowed deduction under section 54 of the Income Tax Act amounting to Rs.37,41,054. The Tribunal held that the deduction claimed in a previous assessment year should have been denied if conditions were not met then, and merely filing the return belatedly in a subsequent year did not justify adding the deduction to the income for the current year. The Tribunal emphasized the importance of complying with legal requirements and ensuring consistency in deduction treatment across different assessment years. Case-Laws Income Tax Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428426